Indian Economy News

Oilmeals exports up 10% to 3.34 lakh tonnes in April

According to industry data, oilmeals exports grew by 10% in April to over 3.34 lakh tonnes, owing to increasing shipments of rapeseed meal. The Solvent Extractors' Association of India (SEA) said in a statement that oilmeal exports in April 2022 were provisionally reported at 3,33,972 tonnes, up from 3,03,705 tonnes the previous month.

Exports of rapeseed meal grew to 2,29,207 tonnes in April 2022, up from 93,984 tonnes in March 2022.

According to SEA, oilmeal shipments declined to 23.8 lakh tonnes last fiscal year from 36.8 lakh tonnes the year before. Exports fell to Rs. 5,600 crore (US$ 720.68 million) in 2020-21 from Rs. 8,900 crore (US$ 1.14 billion) the previous year.

Oilmeal exports are expected to be lower in the current year. Indian oilmeals are mostly imported by South Korea, Vietnam, Thailand, Bangladesh, and Taiwan.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.